Global DMS Blog

From April 3rd through the 6th, several Global DMS representatives will be attending the MBA’s National Technology in Mortgage Banking Conference & Expo in Los Angeles, California, where they will be conducting one-on-one meetings and participating in several events.

As many of you know, it is a must in today’s compliance-laden mortgage industry to include supporting documentation with almost every appraisal order. However, this necessity has led to delays—and compliance risks—due to a lack of automation.

Roughly five months after announcing the launch of its new Mortgage Comparison tool, Google reported that it will be shutting down this tool—along with its entire Compare service—in both the United States and United Kingdom. The search engine giant recently sent an email to its partners confirming the shutdown, stating that it will terminate Compare on March 23, 2016.

Last month, the House Education and Workforce Committees officially approved a piece of legislation known as H.R. 4293, which provides an alternative to the U.S. Department of Labor’s proposed rule to amend the definition of fiduciary under the Employment Retirement Income Security Act.

Last month, both Fannie Mae and Freddie Mac implemented their new Independent Dispute Resolution (IDR) process for resolving repurchase disputes. The government sponsored enterprises’ (GSEs) new program allows lenders to submit unresolved loan-level disputes to a neutral, third-party arbitrator after the appeal and escalation processes have been exhausted.

Several national appraiser organizations—including the American Society of Appraisers (ASA), National Association of Independent Fee Appraisers (NAIFA), and American Society of Farm Managers and Rural Appraisers (ASFMRA)—recently sent a letter the Consumer Financial Protection Bureau (CFPB) asking the federal regulator to get involved with the current debate over increasing the appraisal threshold level for federally related residential mortgage transactions.

A proposed bill in the Florida State Senate, known as Senate Bill 766, would provide assistance to the state’s school districts when finalizing their budgets. As it currently stands, Florida’s school districts need to wait until the finalization of the appraisal process in regards to adjustments made the state’s property taxes before they can submit their budgets.

On January 29th, Fannie Mae officially implemented Fannie Mae Connect Version 1.1, which included the release of both additional reports and report modifications to help improve performance and usability and to provide access to even more data and information.